Insurance Scheme Current Affairs - 2019

According to Pension Fund Regulatory and Development Authority (PFRDA), the subscriber base of Atal Pension Yojana (APY) has crossed 1 crore subscribers mark since its launch in May 2015. Till date, the scheme has collected Rs. 3,950 crore of contribution from subscribers. It has generated around 9.10% compounded annual growth rate (CAGR) since inception till March 2018.

Atal Pension Yojana (APY)

APY was launched in June 2015 with aim to provide affordable universal access to essential social security protection to unorganized work force of country, which constitute more than 85 per cent of the workforce. It had replaced earlier government-backed pension Swavalamban scheme targeted at the unorganised sector.

It is available to all citizens of India in age group of 18-40 years (making minimum period of contribution by subscriber is 20 years). Under scheme, subscriber will receive minimum guaranteed pension of Rs. 1000 to Rs. 5000 per month, depending on his contribution, from age of 60 years. There is no exit to scheme before age of 60. In case of death of subscriber, spouse of subscriber is entitled for same amount of pension till his or her death.

Indian Railways has launched an insurance scheme for passengers travelling on e- ticket. The insurance cover will be upto 10 lakh rupees.

The insurance scheme was launched by Union Railway Minister Suresh Prabhu in New Delhi. For this scheme, Indian Railways has roped in Shriram General Insurance Company, ICICI Lombard and Royal Sundaram General Insurance for providing the insurance cover.

Key provisions of insurance scheme

Person booking a train ticket through the IRCTC website will be eligible for the travel insurance and it is optional. To avail the facility, train passengers have to pay 92 paisa premium.

The insurance cover will not be applicable for children upto 5 years of age and foreign citizens. The facility will be available only for confirmed and RAC ticket passengers.

The scheme offers travellers or nominees a compensation of 10 lakh Rupees in the event of death or total disabilty, 7.5 lakh Rupees for partial disability.

Besides it will pay upto 2 lakh Rupees for hospitalisation expenses and 10,000 rupees for transportation of mortal remains from the place of a train accident.